If the Price Is Above the Equilibrium Price, Then There

question 506

Multiple Choice

If the price is above the equilibrium price, then there is a

• A) surplus, and market forces will operate to lower price.
• B) surplus, and market forces will operate to raise price.
• C) shortage, and market forces will operate to lower price.
• D) shortage, and market forces will operate to raise price.

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Definitions:

Percent Less

A term indicating a reduction or discount expressed as a percentage of the original price or value.

Shares

Units of ownership interest in a corporation or financial asset that provide for an equal distribution in any profits, if any are declared, in the form of dividends.

Nickel Content

The proportion or percentage of nickel present within a material or alloy.

Scrap Steel

Discarded steel material that can be recycled and used in new steel production.